The language services market is expected to grow by USD 9.72 billion during 2020-2024. The report also provides competitive insights into the market impact and new opportunities created due to the COVID-19 pandemic. According to the latest market research report by Technavio, the impact is going to be significant in the first quarter. It will eventually lessen the subsequent quarters – with a limited impact on the full-year economic growth.
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Technavio has announced its latest market research report titled Global Language Services Market 2020-2024 (Graphic: Business Wire)
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Companies across the world are focusing on expanding their businesses across regions to increase revenue and acquire new customers. The expansion of business operations has necessitated companies to comply with several legal as well as financial regulations. This requires translation of documents in local languages which has created a high demand for on-site and telephonic interpreters to facilitate communication between trading organizations. Besides, companies that looking to expand their customer base on a global level must focus on localizing their marketing content. All these factors are fueling the growth of the global language services market.
As per Technavio, the increased adoption of content reuse platforms will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024. To learn more about the global trends impacting the future of market research, download a free sample: https://www.technavio.com/talk-to-us?report=IRTNTR40429
Language Services Market: Increased Adoption of Content Reuse Platforms
Content reuse platforms are gaining popularity among organizations as they significantly reduce the authoring and review time as well as the cost and effort related to publishing and localization of content. These platforms also ensure consistency of content throughout the organization. This increases the efficiency of translation, interpretation, and localization of content. The rising adoption of content reuse platforms is expected to have a positive impact on the growth of the global language services market during the forecast period.
"The increased localization of video content and the adoption of technology to enhance language translation process efficiency will further boost market growth during the forecast period," says a senior analyst at Technavio.
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Language Services Market: Segmentation Analysis
This market research report segments the language services market by End-user (Healthcare, ICT, BFSI, Government, and Others) and Geographic Landscape (APAC, Europe, MEA, North America, and South America).
The APAC region led the language services market in 2020, followed by Europe, MEA, North America, and South America respectively. Due to the rapid growth in the IT sector, the APAC region can register the highest incremental growth during the forecast period.
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Some of the key topics covered in the report include:
Market positioning of vendors
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
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